{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{longtable}{l*{8}{c}}
\caption*{Table A19: Full Specification for Table A9, Real Nondurable Goods Spending vs. Year-Ahead Expectations, Baseline Sample, GEE estimation}\\
\toprule\endfirsthead\midrule\endhead\midrule\endfoot\endlastfoot
                                             &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         &\multicolumn{1}{c}{(8)}         \\
\midrule
Inflation Expectation                        &       0.003         &       0.005         &       0.004         &       0.003         &       0.011         &     --0.008         &       0.002         &       0.009         \\
                                             &     (0.012)         &     (0.011)         &     (0.012)         &     (0.012)         &     (0.012)         &     (0.013)         &     (0.011)         &     (0.015)         \\
Inflation Uncertainty                        &       0.012         &       0.005         &       0.012         &       0.012         &       0.007         &       0.016         &       0.014         &       0.019         \\
                                             &     (0.011)         &     (0.009)         &     (0.011)         &     (0.010)         &     (0.010)         &     (0.012)         &     (0.011)         &     (0.015)         \\
Household Income (Log)                       &       0.124         &       0.115         &       0.116         &       0.121         &       0.134         &       0.174\sym{*}  &       0.120         &       0.237\sym{*}  \\
                                             &     (0.090)         &     (0.087)         &     (0.091)         &     (0.089)         &     (0.083)         &     (0.104)         &     (0.091)         &     (0.128)         \\
Monthly Payments (Log)                       &     --0.000         &     --0.000         &     --0.002         &       0.002         &     --0.002         &       0.001         &       0.000         &     --0.001         \\
                                             &     (0.006)         &     (0.006)         &     (0.007)         &     (0.007)         &     (0.006)         &     (0.007)         &     (0.007)         &     (0.009)         \\
Expects Interest Rate Increase                              &       0.011         &       0.007         &       0.013         &       0.007         &       0.001         &     --0.005         &       0.008         &       0.005         \\
                                             &     (0.029)         &     (0.027)         &     (0.028)         &     (0.029)         &     (0.028)         &     (0.032)         &     (0.029)         &     (0.031)         \\
Expects Interest Rate Decrease                              &     --0.017         &     --0.028         &     --0.021         &     --0.022         &     --0.037         &     --0.021         &     --0.023         &     --0.041         \\
                                             &     (0.056)         &     (0.053)         &     (0.053)         &     (0.058)         &     (0.050)         &     (0.058)         &     (0.054)         &     (0.046)         \\
Real Wage Expectation                        &     --0.002         &     --0.002         &     --0.002         &     --0.001         &     --0.002         &     --0.002         &     --0.000         &       0.001         \\
                                             &     (0.003)         &     (0.002)         &     (0.003)         &     (0.003)         &     (0.003)         &     (0.002)         &     (0.002)         &     (0.002)         \\
Wage Uncertainty                             &     --0.002         &     --0.009         &     --0.002         &     --0.002         &     --0.014         &       0.002         &     --0.005         &     --0.004         \\
                                             &     (0.008)         &     (0.009)         &     (0.007)         &     (0.008)         &     (0.009)         &     (0.007)         &     (0.008)         &     (0.007)         \\
No Mortgage Indicator                                &       0.039         &       0.051         &       0.019         &       0.035         &       0.023         &     --0.000         &       0.058         &       0.135         \\
                                             &     (0.080)         &     (0.080)         &     (0.067)         &     (0.086)         &     (0.074)         &     (0.082)         &     (0.082)         &     (0.089)         \\
Age                                          &     --0.009         &     --0.004         &     --0.009         &     --0.009         &     --0.001         &     --0.013\sym{*}  &     --0.010         &     --0.006         \\
                                             &     (0.007)         &     (0.007)         &     (0.007)         &     (0.007)         &     (0.007)         &     (0.007)         &     (0.007)         &     (0.007)         \\
Non-White                                  &       0.057         &       0.025         &       0.061         &       0.048         &       0.248\sym{**} &       0.145         &       0.077         &       0.134         \\
                                             &     (0.141)         &     (0.134)         &     (0.140)         &     (0.142)         &     (0.123)         &     (0.149)         &     (0.144)         &     (0.142)         \\
Female                                     &       0.081         &       0.123         &       0.072         &       0.085         &       0.064         &     --0.109         &       0.062         &       0.042         \\
                                             &     (0.082)         &     (0.076)         &     (0.083)         &     (0.081)         &     (0.086)         &     (0.078)         &     (0.087)         &     (0.082)         \\
Retired                                    &     --0.106         &     --0.062         &     --0.089         &     --0.106         &       0.004         &       0.057         &     --0.121         &     --0.193\sym{**} \\
                                             &     (0.092)         &     (0.089)         &     (0.090)         &     (0.094)         &     (0.086)         &     (0.157)         &     (0.090)         &     (0.092)         \\
Homeowner                                  &       0.059         &       0.071         &       0.042         &       0.038         &       0.011         &       0.042         &       0.076         &       0.124         \\
                                             &     (0.079)         &     (0.080)         &     (0.074)         &     (0.086)         &     (0.074)         &     (0.094)         &     (0.075)         &     (0.137)         \\
House Price Expectation                      &       0.001         &       0.001         &     --0.000         &       0.001         &       0.002         &       0.000         &     --0.000         &     --0.001         \\
                                             &     (0.002)         &     (0.002)         &     (0.002)         &     (0.002)         &     (0.002)         &     (0.002)         &     (0.002)         &     (0.003)         \\
Expects Unemployment Increase                                  &     --0.123\sym{***}&     --0.097\sym{***}&     --0.116\sym{***}&     --0.072         &     --0.086\sym{**} &     --0.123\sym{***}&     --0.110\sym{***}&     --0.136\sym{***}\\
                                             &     (0.034)         &     (0.033)         &     (0.033)         &     (0.045)         &     (0.033)         &     (0.038)         &     (0.039)         &     (0.047)         \\
Expects Unemployment Decrease                                  &     --0.028         &     --0.041         &     --0.029         &     --0.004         &     --0.040         &     --0.016         &     --0.009         &       0.001         \\
                                             &     (0.027)         &     (0.026)         &     (0.028)         &     (0.037)         &     (0.027)         &     (0.030)         &     (0.029)         &     (0.035)         \\
Mean Inflation Expectation                   &     --0.020         &     --0.043\sym{*}  &     --0.025         &     --0.020         &     --0.020         &       0.023         &     --0.018         &     --0.017         \\
                                             &     (0.021)         &     (0.022)         &     (0.022)         &     (0.021)         &     (0.024)         &     (0.036)         &     (0.021)         &     (0.022)         \\
Mean Inflation Uncertainty                   &       0.018         &       0.042         &       0.026         &       0.021         &     --0.005         &     --0.004         &       0.027         &       0.024         \\
                                             &     (0.031)         &     (0.032)         &     (0.030)         &     (0.031)         &     (0.037)         &     (0.032)         &     (0.032)         &     (0.032)         \\
Mean Log Household Income                    &       0.419\sym{***}&       0.426\sym{***}&       0.431\sym{***}&       0.419\sym{***}&       0.332\sym{***}&       0.265\sym{**} &       0.414\sym{***}&       0.272\sym{**} \\
                                             &     (0.113)         &     (0.115)         &     (0.116)         &     (0.112)         &     (0.112)         &     (0.133)         &     (0.114)         &     (0.139)         \\
Mean Log Monthly Payments                    &     --0.037         &     --0.033         &     --0.035         &     --0.040         &     --0.048         &     --0.055         &     --0.038         &     --0.033         \\
                                             &     (0.040)         &     (0.034)         &     (0.041)         &     (0.041)         &     (0.039)         &     (0.043)         &     (0.040)         &     (0.041)         \\
Mean Expects Interest Rate Increase          &     --0.048         &       0.082         &     --0.048         &     --0.037         &     --0.004         &       0.034         &     --0.042         &     --0.008         \\
                                             &     (0.131)         &     (0.130)         &     (0.130)         &     (0.132)         &     (0.172)         &     (0.152)         &     (0.135)         &     (0.126)         \\
Mean Expects Interest Rate Decrease          &     --0.739\sym{***}&     --0.847\sym{***}&     --0.738\sym{***}&     --0.742\sym{***}&     --1.023\sym{***}&     --0.726\sym{**} &     --0.729\sym{***}&     --0.682\sym{***}\\
                                             &     (0.247)         &     (0.243)         &     (0.246)         &     (0.248)         &     (0.262)         &     (0.315)         &     (0.262)         &     (0.245)         \\
Mean Real Wage Expectation                   &       0.013\sym{*}  &       0.017\sym{**} &       0.014\sym{*}  &       0.013\sym{*}  &       0.006         &       0.018         &       0.012\sym{*}  &       0.009         \\
                                             &     (0.007)         &     (0.007)         &     (0.007)         &     (0.007)         &     (0.008)         &     (0.025)         &     (0.007)         &     (0.008)         \\
Mean Wage Uncertainty                        &       0.026         &       0.024         &       0.024         &       0.026         &       0.062\sym{**} &       0.021         &       0.014         &       0.009         \\
                                             &     (0.026)         &     (0.028)         &     (0.026)         &     (0.026)         &     (0.030)         &     (0.033)         &     (0.028)         &     (0.027)         \\
Mean No Mortgage Indicator                   &     --0.134         &     --0.144         &     --0.114         &     --0.146         &     --0.188         &     --0.059         &     --0.154         &     --0.208         \\
                                             &     (0.222)         &     (0.185)         &     (0.224)         &     (0.225)         &     (0.186)         &     (0.228)         &     (0.208)         &     (0.227)         \\
Mean Homeowner                               &       0.081         &     --0.016         &       0.099         &       0.093         &     --0.057         &       0.130         &       0.058         &       0.024         \\
                                             &     (0.238)         &     (0.198)         &     (0.240)         &     (0.244)         &     (0.215)         &     (0.262)         &     (0.229)         &     (0.261)         \\
Mean House Price Expectation                 &       0.007         &       0.010         &       0.008         &       0.007         &       0.003         &     --0.002         &       0.008         &       0.009         \\
                                             &     (0.009)         &     (0.008)         &     (0.009)         &     (0.009)         &     (0.010)         &     (0.010)         &     (0.009)         &     (0.009)         \\
Mean Expects Unemployment Increase           &       0.233         &       0.206         &       0.234         &       0.229         &       0.350\sym{**} &       0.255         &       0.180         &       0.218         \\
                                             &     (0.163)         &     (0.172)         &     (0.163)         &     (0.166)         &     (0.151)         &     (0.163)         &     (0.173)         &     (0.177)         \\
Mean Expects Unemployment Decrease           &     --0.047         &     --0.155         &     --0.045         &     --0.050         &       0.217         &       0.129         &     --0.070         &     --0.002         \\
                                             &     (0.184)         &     (0.155)         &     (0.184)         &     (0.184)         &     (0.171)         &     (0.223)         &     (0.189)         &     (0.177)         \\
No College                                 &       0.020         &       0.040         &       0.018         &       0.050         &       0.054         &       0.147         &     --0.027         &     --0.001         \\
                                             &     (0.090)         &     (0.082)         &     (0.091)         &     (0.090)         &     (0.079)         &     (0.094)         &     (0.098)         &     (0.090)         \\
No College $\times$ Inflation Expectation  &     --0.000         &     --0.002         &     --0.002         &     --0.001         &     --0.011         &       0.006         &     --0.001         &       0.002         \\
                                             &     (0.009)         &     (0.009)         &     (0.010)         &     (0.009)         &     (0.011)         &     (0.010)         &     (0.008)         &     (0.013)         \\
No College $\times$ Inflation Uncertainty  &     --0.026\sym{**} &     --0.020\sym{*}  &     --0.025\sym{**} &     --0.024\sym{**} &     --0.014         &     --0.027\sym{**} &     --0.015         &     --0.008         \\
                                             &     (0.011)         &     (0.011)         &     (0.012)         &     (0.011)         &     (0.013)         &     (0.012)         &     (0.015)         &     (0.019)         \\
Mean Log Household Income $\times$ Inflation Expectation&     --0.021\sym{**} &     --0.017\sym{**} &     --0.020\sym{***}&     --0.019\sym{**} &     --0.004         &     --0.015         &     --0.010\sym{*}  &     --0.017\sym{**} \\
                                             &     (0.008)         &     (0.008)         &     (0.007)         &     (0.008)         &     (0.007)         &     (0.009)         &     (0.006)         &     (0.008)         \\
Mean Log Monthly Payments $\times$ Inflation Expectation&     --0.002         &     --0.002         &     --0.002         &     --0.002         &     --0.005\sym{*}  &     --0.000         &     --0.002         &     --0.004         \\
                                             &     (0.002)         &     (0.002)         &     (0.002)         &     (0.002)         &     (0.003)         &     (0.003)         &     (0.002)         &     (0.003)         \\
Mean No Mortgage Indicator $\times$ Inflation Expectation&     --0.008         &     --0.010         &     --0.010         &     --0.006         &     --0.024\sym{**} &     --0.001         &     --0.006         &     --0.026\sym{*}  \\
                                             &     (0.014)         &     (0.012)         &     (0.014)         &     (0.014)         &     (0.012)         &     (0.015)         &     (0.009)         &     (0.015)         \\
Regional Gas Price Inflation                 &                     &     --0.003         &                     &                     &                     &                     &                     &                     \\
                                             &                     &     (0.004)         &                     &                     &                     &                     &                     &                     \\
Lagged Inflation Expectation                 &                     &                     &       0.005         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.004)         &                     &                     &                     &                     &                     \\
No College $\times$ Lagged Inflation Expectation&                     &                     &       0.007         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.009)         &                     &                     &                     &                     &                     \\
Lagged Inflation Uncertainty                 &                     &                     &     --0.003         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.014)         &                     &                     &                     &                     &                     \\
No College $\times$ Lagged Inflation Uncertainty&                     &                     &     --0.011         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.019)         &                     &                     &                     &                     &                     \\
No College $\times$ Expects Unemployment Increase            &                     &                     &                     &     --0.120\sym{*}  &                     &                     &                     &                     \\
                                             &                     &                     &                     &     (0.072)         &                     &                     &                     &                     \\
No College $\times$ Expects Unemployment Decrease            &                     &                     &                     &     --0.049         &                     &                     &                     &                     \\
                                             &                     &                     &                     &     (0.056)         &                     &                     &                     &                     \\
Constant                                     &       7.651\sym{***}&       7.178\sym{***}&       7.678\sym{***}&       7.649\sym{***}&       7.305\sym{***}&       7.513\sym{***}&       7.763\sym{***}&       7.508\sym{***}\\
                                             &     (0.439)         &     (0.431)         &     (0.443)         &     (0.443)         &     (0.451)         &     (0.514)         &     (0.443)         &     (0.456)         \\
\midrule
Correlated Random Effects                    &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Chi$^2$                                      &     1224.80         &     1544.41         &     1646.35         &     1239.84         &     1978.49         &     1714.40         &     1291.33         &     1060.47         \\
P Value                                      &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         \\
Sample Size                                  &        2010         &        1984         &        2010         &        2010         &        1721         &        1790         &        1928         &        1431         \\
\bottomrule \caption*{\normalsize \doublespacing Standard errors in parentheses. \\ \textit{Note:} Each column includes time fixed effects. All means refer to within-subject means. Model (1) is unaltered. Model (2) includes gas price inflation and regional controls. Regional controls are omitted. Model (3) includes the lagged inflation expectation and lagged inflation uncertainty and their interactions with the no college indicator. Model (4) includes the interactions of the unemployment expectations indicators with the no college indicator. Model (5) restricts to the overlap sample between the durables and nondurables samples. Model (6) restricts to households in the nondurables sample with more than 7 observations. Model (7) excludes months with outlier median inflation expectations: June 2010, March 2011, September 2011, February 2012. Model (8) excludes observations from 2012, in which the nondurable sample's spending patterns were most different from the CES. Robust standard errors are clustered at the level of the individual respondent. \sym{*} \(p<0.10\), \sym{**} \(p<0.05\), \sym{***} \(p<0.01\) }
\end{longtable}
}
